HOUSTON, June 29, 2018 /PRNewswire/ -- Boardwalk
Pipeline Partners, LP (NYSE: BWP) (the "Partnership") announced
today that Boardwalk GP, LP, the general partner of the Partnership
(the "General Partner"), has elected to exercise the right to
purchase all of the issued and outstanding common units
representing limited partner interests ("Common Units") in the
Partnership not already owned by the General Partner or its
affiliates (the "Transaction Units") pursuant to Section 15.1(b) of
the Partnership's Third Amended and Restated Agreement of Limited
Partnership, as amended (the "Limited Partnership Agreement"). The
General Partner received the opinion of counsel required by Section
15.1(b) of the Limited Partnership Agreement on June 29, 2018.
The General Partner will purchase the Transaction Units on
July 18, 2018 (the "Purchase Date")
for a cash purchase price of $12.06
per Transaction Unit, or approximately $1.50
billion in the aggregate. The purchase price was determined
in accordance with Section 15.1(b) of the Limited Partnership
Agreement based on the average of the daily closing prices per
Common Unit on the New York Stock Exchange ("NYSE") for the 180
consecutive trading days ending on June 29,
2018.
As of the Purchase Date, all rights of the holders of the
Transaction Units will cease, except for the right to receive
payment of the purchase price. Upon completion of the purchase on
the Purchase Date, Boardwalk Pipelines Holding Corp., a
wholly-owned subsidiary of Loews Corporation, will own, directly or
indirectly, 100 percent of the Common Units. In addition, upon
completion of the purchase, the Common Units will cease to be
publicly traded or listed on the NYSE, and will not be listed or
quoted on any other venue.
About Boardwalk: Boardwalk Pipeline Partners, LP (NYSE:
BWP) is a midstream master limited partnership that transports and
stores natural gas and liquids for its customers. Additional
information about the Partnership can be found on its website at
www.bwpmlp.com.
CONTACT:
Jillian Kirkconnell,
866-913-2122
Investor Relations & Corporate Communications
ir@bwpmlp.com
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SOURCE Boardwalk Pipeline Partners, LP